B JAYARAMAN Vs. INSPECTOR OF POLICE

JUDGEMENT

(1.) THE petitioners, who are the partners of M/s.JAK Communications Pvt., Ltd., are the accused A2 & A3 in a case in RC MA 1 2008 A 0034 on the file of the respondent police, for an offence punishable under Sections 120-B r/w 420, 468, 468 r/w 471 IPC and under section 13(2) r/w 13(1)(d) of the Prevention of Corruption Act.

(2.) THE case of the prosecution is that the petitioners borrowed Rs.11.90 crores from the Indian Overseas Bank, Mogappair Branch, in which A1 is the branch manager. For obtaining the loan original title deeds of several properties were deposited with the Bank as security. On the basis of source information, a case has been registered against the accused on the allegation that the two of the documents deposited by the petitioners are forged documents and the petitioners are not owners of those properties. Pending investigation of the case, the accused were granted anticipatory bail. THE investigation of the case is still pending. Under such circumstance, the present petition to quash the proceedings has been filed by the petitioners before this Court.

(3.) PER contra, the learned Special Public Prosecutor for CBI submits that though the entire loan amount borrowed from the Bank has been paid and a certificate has been issued to that effect, the affence committed by the petitioners are against the society and it is serious in nature. The title deeds of a temple properties were forged for the purpose of obtaining huge loan amount. Pending investigation of the case, 20 witnesses were examined and 48 documents were recovered and the investigation of the case is almost over. By relying on a resent judgment of the Honourable Supreme Court in Crl.A.No,661 of 2009 dated 8.4.2009 (Smt.Rumi Dhar Vs. State of West Bengal and anr) , the learned Special Public Prosecutor submitted that in view of the facts and circumstances of the case, it is not a fit case to quash the proceedings.